Partner Communications Q2 Net Profit Drops 83%

Israel's Partner Communications PTNR reported an 83% fall in its second-quarter profit. Partner Communications' quarterly net profit dropped to 20 million shekels ($5.4 million), versus 120 million, in the year-ago period. Its revenue declined 21% to 1.13 billion shekels. However, analysts were expecting a profit of 42.6 million shekels on revenue of 1.14 billion. Partner Communications' subscriber base dropped 6% to 2.92 million. Partner Communications shares closed at $7.05 yesterday.